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ADB revises forecast for China's 2015 economic growth higher

A global carbon trading market could boost Southeast Asia's efforts to combat climate change, the Asian Development Bank said on Monday.

PHOTO: BLOOMBERG

[MANILA] The Asian Development Bank has raised its 2015 economic growth forecast for China slightly, supporting expectations the world's second largest economy will avert a hard landing this year.

China's economy is now expected to clock growth of 6.9 per cent in 2015, up from a previously expected 6.8 per cent, the ADB said in its outlook update released on Thursday. The agency maintained its 2016 forecast for growth at 6.7 per cent.

"Despite an ongoing housing overhang and excess industrial capacity, China's economy has remained resilient, supported primarily by private consumption and services," ADB said in a statement, adding fiscal and monetary stimulus measures should continue to provide support.

The Manila-based lender maintained its growth projections for developing Asia at 5.8 per cent in 2015 and 6.0 per cent in 2016, a testament to the region's resilience to continued weakness in advanced economies.